Question 1

The most important economic concept to consider when deciding whether to produce a product domestically or import the product is

Accepted Answer

A) law of supply 
B) law of demand 
C) opportunity cost 
D) law of increasing cost 
A) law of supply 
B) law of demand 
C) opportunity cost 
D) law of increasing cost

Question 2

Net exports is a positive number whenever

Accepted Answer

A) a nation's exports of goods and services exceed its imports. 
B) a nation's imports of goods and services exceed its exports. 
C) the nation's gross investment is positive. 
D) the nation's gross savings rate is positive. 
A) a nation's exports of goods and services exceed its imports. 
B) a nation's imports of goods and services exceed its exports. 
C) the nation's gross investment is positive. 
D) the nation's gross savings rate is positive.

Question 3

If total imports exceed total exports,other things being constant,then

Accepted Answer

A) net exports are negative. 
B) net exports are positive. 
C) GDP rises. 
D) investment rises. 
A) net exports are negative. 
B) net exports are positive. 
C) GDP rises. 
D) investment rises.

Question 4

Net exports is defined as

Accepted Answer

A) exports plus imports. 
B) exports minus imports. 
C) imports minus exports. 
D) that portion of consumption and investment goods sent to other countries. 
A) exports plus imports. 
B) exports minus imports. 
C) imports minus exports. 
D) that portion of consumption and investment goods sent to other countries.

Question 5

Relative to the trade deficit in 1990 our current is

Accepted Answer

A) substantially less. 
B) slightly less. 
C) slightly higher. 
D) substantially higher . 
A) substantially less. 
B) slightly less. 
C) slightly higher. 
D) substantially higher .

Question 6

Prominent among the protesters at the WTO meeting in Seattle in late 1999 were these three groups: (1)_________________; (2)__________________; (3)___________________.

Accepted Answer

environmentalists;or

Question 7

From 1970 to 2000,relative to other sectors of GDP,net exports were

Accepted Answer

A) negative and large. 
B) negative and small. 
C) positive and large. 
D) positive and small. 
A) negative and large. 
B) negative and small. 
C) positive and large. 
D) positive and small.

Question 8

Between 2007 and 2009 our trade deficit

Accepted Answer

A) fell substantially. 
B) remained about the same. 
C) rose about 40 percent. 
D) almost doubleD. 
E) more than quadrupled. 
A) fell substantially. 
B) remained about the same. 
C) rose about 40 percent. 
D) almost doubleD. 
E) more than quadrupled.

Question 9

Which statement is FALSE about the European Union?

Accepted Answer

A) So-called "quality codes" between members ended. 
B) All 27 nations have given up their own currency and adopted the euro. 
C) Freight is able to move anywhere within the EU without check point delays and paperwork. 
D) Workers from an EU country can work in any other member country. 
A) So-called "quality codes" between members ended. 
B) All 27 nations have given up their own currency and adopted the euro. 
C) Freight is able to move anywhere within the EU without check point delays and paperwork. 
D) Workers from an EU country can work in any other member country.

Question 10

If exports exceeded imports it would be called a trade _________.

Accepted Answer

The answer of If exports exceeded imports it would be...

Question 11

Which was NOT an argument of the protesters against the IMF,WTO,and the World Bank?

Accepted Answer

A) We are exploiting factory workers in poor countries. 
B) Our subsidized grain exports sold below cost in poor countries,driving local farmers out of business. 
C) Globalization is hurting the American standard of living. 
D) Globalization is lowering American wages and exporting high paying jobs. 
A) We are exploiting factory workers in poor countries. 
B) Our subsidized grain exports sold below cost in poor countries,driving local farmers out of business. 
C) Globalization is hurting the American standard of living. 
D) Globalization is lowering American wages and exporting high paying jobs.

Question 12

Statement I: Most economists support the concept of free trade.
Statement II: The NAFTA and GATT agreements placed substantial barriers in the way of free trade.

Accepted Answer

A) Statement I is true and statement II is false. 
B) Statement II is true and statement I is false. 
C) Both statements are true. 
D) Both statements are false. 
A) Statement I is true and statement II is false. 
B) Statement II is true and statement I is false. 
C) Both statements are true. 
D) Both statements are false.

Question 13

The free trade zone that includes Argentina,Brazil,Paraguay and Uruguay is known as ______________.

Accepted Answer

The answer of The free trade zone that includes Argentina,Brazil,Paraguay...

Question 14

Net exports is a negative figure when

Accepted Answer

A) a nation's exports of goods and services exceed its imports 
B) depreciation exceeds gross private domestic investment 
C) the economy's stock of capital is declining 
D) a nation's imports of goods and services exceed its exports 
A) a nation's exports of goods and services exceed its imports 
B) depreciation exceeds gross private domestic investment 
C) the economy's stock of capital is declining 
D) a nation's imports of goods and services exceed its exports

Question 15

The establishment of the NAFTA agreement

Accepted Answer

A) was supported by most economists and people in the business community. 
B) has led to the loss of millions of U.S.jobs to Mexico. 
C) has more economic integration than the European Union. 
D) eliminated all internal tariffs among its three members. 
A) was supported by most economists and people in the business community. 
B) has led to the loss of millions of U.S.jobs to Mexico. 
C) has more economic integration than the European Union. 
D) eliminated all internal tariffs among its three members.

Question 16

Statement I: Germany is the world's largest exporter.
Statement II: International trade is more important to the Dutch (Netherlands)economy than it is to the U.S.economy,even though we are the world's largest exporter.

Accepted Answer

A) Statement I is true and statement II is false. 
B) Statement II is true and statement I is false. 
C) Both statements are true. 
D) Both statements are false. 
A) Statement I is true and statement II is false. 
B) Statement II is true and statement I is false. 
C) Both statements are true. 
D) Both statements are false.

Question 17

The WTO has a ________________ to handle trade disagreements among member nations.

Accepted Answer

Dispute Se

Question 18

Economist _____________ is the author of Globalization and Its Discontents.

Accepted Answer

The answer of Economist _____________ is the author of Globalization...

Question 19

Between 1995 and 2000 our trade deficit more than _______________.

Accepted Answer

The answer of Between 1995 and 2000 our trade deficit...

Question 20

The members of NAFTA include

Accepted Answer

A) only the United States and Mexico. 
B) only the United States and Canada. 
C) only Mexico and Canada. 
D) the United States,Canada,and Mexico. 
A) only the United States and Mexico. 
B) only the United States and Canada. 
C) only Mexico and Canada. 
D) the United States,Canada,and Mexico.

The most important economic concept to consider when deciding whether to produce a product domestically or import the product is

Net exports is a positive number whenever

If total imports exceed total exports,other things being constant,then

Net exports is defined as

Relative to the trade deficit in 1990 our current is

Prominent among the protesters at the WTO meeting in Seattle in late 1999 were these three groups: (1)_; (2); (3)_____.

From 1970 to 2000,relative to other sectors of GDP,net exports were

Between 2007 and 2009 our trade deficit

Which statement is FALSE about the European Union?

If exports exceeded imports it would be called a trade _________.

Which was NOT an argument of the protesters against the IMF,WTO,and the World Bank?

Statement I: Most economists support the concept of free trade. Statement II: The NAFTA and GATT agreements placed substantial barriers in the way of free trade.

The free trade zone that includes Argentina,Brazil,Paraguay and Uruguay is known as ______________.

Net exports is a negative figure when

The establishment of the NAFTA agreement

Statement I: Germany is the world's largest exporter. Statement II: International trade is more important to the Dutch (Netherlands)economy than it is to the U.S.economy,even though we are the world's largest exporter.

The WTO has a ________________ to handle trade disagreements among member nations.

Economist _____________ is the author of Globalization and Its Discontents.

Between 1995 and 2000 our trade deficit more than _______________.

The members of NAFTA include

A Brief Economic History of the United States

Resource Utilization

The Mixed Economy

Supply and Demand

The Household Consumption Sector

The Business Investment Sector

The Government Sector

Gross Domestic Product

Economic Fluctuations, unemployment, and Inflation

Classical and Keynesian Economics

Fiscal Policy and the National Debt

Money and Banking

The Federal Reserve and Monetary Policy

A Century of Economic Theory

Economic Growth and Productivity

Income Distribution and Poverty

International Trade

International Finance

Filters

Exam 8: The Export-Import Sector

The most important economic concept to consider when deciding whether to produce a product domestically or import the product is

Net exports is a positive number whenever

If total imports exceed total exports,other things being constant,then

Net exports is defined as

Relative to the trade deficit in 1990 our current is

Prominent among the protesters at the WTO meeting in Seattle in late 1999 were these three groups: (1)_________________; (2)__________________; (3)___________________.

From 1970 to 2000,relative to other sectors of GDP,net exports were

Between 2007 and 2009 our trade deficit

Which statement is FALSE about the European Union?

If exports exceeded imports it would be called a trade _________.

Which was NOT an argument of the protesters against the IMF,WTO,and the World Bank?

Statement I: Most economists support the concept of free trade. Statement II: The NAFTA and GATT agreements placed substantial barriers in the way of free trade.

The free trade zone that includes Argentina,Brazil,Paraguay and Uruguay is known as ______________.

Net exports is a negative figure when

The establishment of the NAFTA agreement

Statement I: Germany is the world's largest exporter. Statement II: International trade is more important to the Dutch (Netherlands)economy than it is to the U.S.economy,even though we are the world's largest exporter.

The WTO has a ________________ to handle trade disagreements among member nations.

Economist _____________ is the author of Globalization and Its Discontents.

Between 1995 and 2000 our trade deficit more than _______________.

The members of NAFTA include

A Brief Economic History of the United States

Resource Utilization

The Mixed Economy

Supply and Demand

The Household Consumption Sector

The Business Investment Sector

The Government Sector

Gross Domestic Product

Economic Fluctuations, unemployment, and Inflation

Classical and Keynesian Economics

Fiscal Policy and the National Debt

Money and Banking

The Federal Reserve and Monetary Policy

A Century of Economic Theory

Economic Growth and Productivity

Income Distribution and Poverty

International Trade

International Finance

Filters

Prominent among the protesters at the WTO meeting in Seattle in late 1999 were these three groups: (1)_; (2); (3)_____.